City Council Study Session Agenda and Packet 2015 01 13

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CITY OF LOUISVILLE PURCHASING POLICIES price if the bid is over $150,000 and at least 5% of the vendor's bid if under $150,000. PERFORMANCE BONDS: A performance bond, satisfactory to the City, may be required for any contract and will be used for all contracts for public buildings, works or improvements awarded in excess of $50,000 per state statute. The performance bond shall be in amount equal to one hundred percent (100 %) of the price specified in the contract, or any other higher amount determined by the purchasing department to be in the best interest of the City. PAYMENT BONDS: A payment bond for the protection of all persons supplying labor and material to the contractor or its subcontractors may be required for all contracts awarded in excess of $50,000. The payment bond shall be in an amount equal to one hundred percent (100 %) of the price specified in the contract, or any other higher amount determined by the purchasing department to be in the best interest of the City. INSURANCE REQUIREMENT All contractors are required to provide certificates of insurance with the City named as additional insured, for the following insurance coverages and amounts (except as waived by the City Manager): Comprehensive General Liability $1,000,000 each occurrence $2,000,000 general aggregate Automobile Liability $150,000 combined single limit — bodily injury & property damage /per person $600,000 combined single limit — bodily injury & property damage /two or more persons in any one occurrence $50,000 auto physical damage Workers' Compensation Statutory limits Employers' Liability Insurance $100,000/ each accident $500,000/ disease - policy limit $100,000/ disease - each employee Professional Liability (for licensed professional services)